The invention relates to preparation of electronic financial documents, such as electronic tax returns. Tax preparation programs have become very popular and allow a user, such as an individual, taxpayer, accountant, or tax professional, to prepare and electronically file a tax return using a computer. At least with respect to an electronic return originator (ERO), which is an individual, typically a tax accountant or tax professional, who is authorized by the United States Internal Revenue Service (IRS) to electronically prepare and transmit tax returns for clients, such as people and companies. An ERO may charge for transmission services, and may or may not be the preparer of the transmitted tax returns. Prior to electronically filing the tax return with the IRS, an ERO must collect a signature from the tax client on a form called 8879, which is the declaration document and signature authorization for an electronically filed return filed by an ERO. Presently, this can be accomplished by electronically transmitting an “envelope” containing the form 8879 along with the tax documents, to the client via a third party electronic signature service, and electronically receiving the envelope with the signed form 8879 back from the client via the third party electronic signature service.
Assuming that the ERO charges for the preparation and/or electronic transmission of a tax return, the ERO requires payment from the client before or after the filing of the tax return. Once payment has been collected from the client and the tax return has been filed, the ERO has to update his or her accounting books to mark the invoice associated with that client as being paid. Presently, the payment collection and accounting functions are managed by the ERO separately from the electronic signature collection function, thereby decreasing the efficiency of the tax return preparation and electronic filing process.
There, thus, remains a need to better orchestrate the electronic signature collection and payment collection and accounting functions in the context of electronic tax return filing process.